banking service chronicle

banking service chronicle
banking service chronicle

Thursday, 19 January 2017

I M. M. Kumar


Former judge M. M. Kumar was on October 25, 2016 appointed the President of National Company Law Tribunal (NCLT), constituted to expedite adjudication matters under the companies law. Kumar, who had been Chief Justice of J&K High Court, was chairman of Company law Board which has been dissolved following constitution of the NCLT in June 2016. The tribunal at present has a principle bench in Delhi and ten benches at various places.

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Tuesday, 17 January 2017

India, Germany Sign Pact On Vocational Training

Deepening collaboration on skill development, India a Germany on August 22, 2016 signeS'an agreement that aims to foster conditions that will help create and improve workplace-based vocational training in India's industrial clusters. The agreement was signed between the Ministry of Skill Development and Entrepreneurship (MSDE) and German International Cooperation (GIZ) and will initiate a new project focused on adapting elements of the German dual system in select industrial clusters in India. Under the pact, German technical assistance will be used to enhance industry-institute partnerships between Indian and German organisations, build capacity of local training institutions and foster industry linkages which will help adapt elements of the German dual system to the Indian context.




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The project will run for three years starting August 2016 with a budget of Euro 3,000,000 (Rs. 22.6 crore) made available by the German Government and aims to foster conditions which will help create and improve cooperative workplace-based vocational training in India's industrial clusters. It will run in ITIs (industrial training institutes), where there will be a model of three months of academic input and after that the trainee will move to the industry where he will work as an apprentice for the remaining nine months. It will be implemented in three selected clusters, which include the Automobile cluster in Maharashtra and Electronics cluster in Bengaluru.
Union Skill Development and Entrepreneurship Minister Mr. Rajiv Pratap Rudy said that Germany's dual system is widely acclaimed as one of the best in the world, noted for its close linkages between industry and training institutions. He said that India needs to adapt elements of the German VET system to the Indian context to ensure that skill training in the country is closely aligned with the requirements of industry. German Ambassador to India Dr. Martin Ney said that the aim of the programme is to involve private sector and entrepreneurs in defining the qualification that is required in creating practical training at the workplace.